China's housing crisis is in full swing.

New home prices in 70 Chinese cities fell -3.20% YoY in July, after a -3.30% YoY decline in June. Only 17 of the 70 surveyed cities recorded price gains, with tier-1 cities flat on average, tier-2 cities declining -0.10% MoM, and tier-3 cities falling -0.30% MoM. Meanwhile, existing home prices decreased -0.29% MoM in July, following a -0.32% decline in the prior month. China's property prices have now declined continuously since mid-2023. It's 2008 for China's housing market.

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